Braemar Condo Quarterly: July 2011-September 2011
Three more months of Braemar condo sales are officially on the books. Let's take a look and see if Braemar condo values are increasing, stabilizing or decreasing.
As of today, October 2nd, there are three Braemar condos under contract and one available for sale. Those under contract are Short Sales. The one left for a Buyer to snag is a Foreclosure. When looking at the range of list prices between these four Braemar condos, we see a low of $174,900 to a high of $220,000. If you guessed that the high list price was the one not under contract...you are CORRECT. After 31 days on the market, it's time to re-evaluate that optimistic list price. Average list price of active and under contract Braemar condos is $193,450. As always, for the best idea of market value, it is best to look at SOLD prices. Data depicted in the table below reflects the Braemar condos that have sold during the last quarter.
Of the two Braemar condo sales represented on the graph above, we have one regular sale and a Short Sale. The high sales price comes from the regular sale. Looking back to the second quarter, high sales price increased by $5,000. However, the low sales price decreased by $4,500. What does that do to the average sales price for a Braemar condo? Well, the new average sales price for a Braemar condo is $187,750, down only 2% since last quarter's value of $191,500.
If you placed your Braemar condo on the market and priced it to current market conditions, this report also indicates you could expect to have a contract in 29 days. That's only increased by 1 day since last quarter. You could also expect a buyer to request an average of 3% of the sale price in closing cost assistance. That's double the average seller subsidy we saw in the second quarter.
All in all, the Braemar condo market shows signs of stability. Hopefully we'll see more of the same, or better in the fourth quarter.
The next Braemar condo quarterly will be out in January. Until then, if you are contemplating the sale of your Braemar condo, don't hesitate to contact me. I've been a full-time real estate agent and Braemar resident since 2005. I've also been a Braemar Short Sale Agent since 2007. No matter what your equity position, I can get you the most amount of money for your Braemar condo in the shortest amount of time. No one knows Braemar better!
Chris Ann Cleland, Associate Broker, Licensed in Virginia, Long & Foster REALTORS®
For information on other recent Braemar Property Value Reports, click the links provided:
Arista Series (large single family homes built by Brookfield Homes)
Carriage Series (smaller single family homes with detached garages, built by Brookfield Homes)
Courtyard Series (executive style homes, five to a private entrance, built by Brookfield Homes)
Heritage Series (mid-sized single family homes built by Brookfield Homes)
Braemar Townhouse Report (garage and no garage townhouses, not condos)